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Remuneration of the Supervisory Board

The remuneration of the Supervisory Board is determined by the Annual General Meeting of Hannover Re and regulated by the Articles of Association.

In accordance with § 12 of the Articles of Association as amended on 3 May 2011, the members of the Supervisory Board receive fixed annual remuneration of EUR 30,000 per member in addition to reimbursement of their expenses. Furthermore, each member of the Supervisory Board receives variable remuneration measured according to the average earnings per share (EPS) of the company over the past three financial years preceding the Annual General Meeting at which the actions of the Supervisory Board for the last of these three years are ratified. The variable remuneration amounts to EUR 330 for each EUR 0.10 average earnings per share (EPS) of the company; it is limited to an annual maximum of EUR 30,000. The Chairman of the Supervisory Board receives twice the aforementioned remuneration amounts and the Deputy Chairman of the Supervisory Board receives one-and-a-half times the said amounts.

In addition, the members of the Finance and Audit Committee formed by the Supervisory Board receive remuneration of EUR 15,000 for their Committee work and the members of the Standing Committee formed by the Supervisory Board receive remuneration of EUR 7,500. In this case, too, the Chairman of the Committee receives twice and the Deputy Chairman one-and-a-half times the stated amounts. No remuneration is envisaged for the Nomination Committee.

Members who have only belonged to the Supervisory Board or one of its Committees for part of the financial year receive the remuneration pro rata temporis.

All the members of the Supervisory Board receive an attendance allowance of EUR 1,000 for their participation in each meeting of the Supervisory Board and the Committees in addition to the aforementioned remuneration. If a meeting of the Supervisory Board and one or more Committee meetings fall on the same day, the attendance allowance for this day is only paid once in total.

This arrangement applies for the first time to the 2011 financial year, with the variable remuneration being measured according to the average earnings per share of the years 2009, 2010 and 2011.

Compared to the previous remuneration arrangements most recently applicable to the 2010 financial year, the new arrangement contains the following material changes:

The fixed remuneration of the members of the Supervisory Board was increased from EUR 10,000 to EUR 30,000.

The variable remuneration was restructured. Previously, the variable remuneration amounted to 0.03‰ of the earnings before interest and taxes (EBIT) recognised in the consolidated financial statement drawn up by the company in accordance with IFRS.

The members of the Finance and Audit Committee additionally received remuneration of 30% and the members of the Standing Committee 15% of the previously described fixed and variable Supervisory Board remuneration for their Committee work.

The Chairman of the Supervisory Board or a Committee previously received three times and the Deputy Chairman one-and-a-half times the stated amounts.

The attendance allowance for participation in the meetings of the Supervisory Board or the specified Committees was increased from EUR 500 to EUR 1,000.

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Individual remuneration received by the members of the Supervisory Board in EUR thousand1 2011 2010
1
Amounts excluding reimbursed VAT
2
Including supervisory board remuneration and remuneration for committee work received from entities affiliated with the company
3
Employee representatives
Name Function Type of remuneration    
Herbert K. Haas2 Chairman of the
  • Supervisory Board
  • Standing Committee
  • Finance and Audit Committee
  • Nomination Committee
Fixed remuneration 100.0 40.0
    Variable remuneration 112.0 153.4
    Remuneration for committee work 95.5 72.1
    Attendance allowances 12.5 7.0
      320.0 272.5
Dr. Klaus Sturany Deputy Chairman of the
  • Supervisory Board
Member of the
  • Standing Committee
  • Nomination Committee (from 3 May 2011)
Fixed remuneration 45.0 15.0
    Variable remuneration 28.9 51.4
    Remuneration for committee work 3.7 10.0
    Attendance allowances 4.0 3.0
      81.6 79.4
Wolf-Dieter Baumgartl Member of the
  • Supervisory Board
  • Standing Committee
  • Finance and Audit Committee
  • Nomination Committee
Fixed remuneration 30.0 15.0
    Variable remuneration 19.3 59.6
    Remuneration for committee work 23.0 19.9
    Attendance allowances 8.0 6.5
      80.3 101.0
Uwe Kramp3 Member of the Supervisory Board Fixed remuneration 30.0 10.0
    Variable remuneration 19.3 34.3
    Remuneration for committee work
    Attendance allowances 3.0 2.0
      52.3 46.3
Karl Heinz Midunsky Member (until 3 May 2011) of the
  • Supervisory Board
  • Nomination Committee
Fixed remuneration 10.3 10.0
    Variable remuneration 7.3 34.3
    Remuneration for committee work
    Attendance allowances 1.0 2.0
      18.6 46.3
Ass. jur. Otto Müller3 Member of the Supervisory Board Fixed remuneration 30.0 10.0
    Variable remuneration 19.3 34.3
    Remuneration for committee work
    Attendance allowances 3.0 2.0
      52.3 46.3
Dr. Andrea Pollak Member of the Supervisory Board (from 3 May 2011) Fixed remuneration 19.8
    Variable remuneration 12.0
    Remuneration for committee work
    Attendance allowances 2.0
    Reimbursement of expenses 5.9
      39.7
Dr. Immo Querner2 Member of the Supervisory Board Fixed remuneration 50.0 15.0
    Variable remuneration 55.4 59.6
    Remuneration for committee work 10.0
    Attendance allowances 5.5 3.5
      120.9 78.1
Dr. Erhard Schipporeit Member of the
  • Supervisory Board
  • Finance and Audit Committee (Independent financial expert)
Fixed remuneration 30.0 10.0
    Variable remuneration 19.3 34.3
    Remuneration for committee work 15.3 13.3
    Attendance allowances 6.0 4.0
      70.6 61.6
Gert Wächtler3 Member of the Supervisory Board Fixed remuneration 30.0 10.0
    Variable remuneration 19.3 34.3
    Remuneration for committee work
    Attendance allowances 3.0 2.0
      52.3 46.3
Total     888.6 777.8
Individual remuneration received by the members of the Supervisory Board in EUR thousand1 2011 2010
1
Amounts excluding reimbursed VAT
2
Including supervisory board remuneration and remuneration for committee work received from entities affiliated with the company
3
Employee representatives
Name Function Type of remuneration    
Herbert K. Haas2 Chairman of the
  • Supervisory Board
  • Standing Committee
  • Finance and Audit Committee
  • Nomination Committee
Fixed remuneration 100.0 40.0
    Variable remuneration 112.0 153.4
    Remuneration for committee work 95.5 72.1
    Attendance allowances 12.5 7.0
      320.0 272.5
Dr. Klaus Sturany Deputy Chairman of the
  • Supervisory Board
Member of the
  • Standing Committee
  • Nomination Committee (from 3 May 2011)
Fixed remuneration 45.0 15.0
    Variable remuneration 28.9 51.4
    Remuneration for committee work 3.7 10.0
    Attendance allowances 4.0 3.0
      81.6 79.4
Wolf-Dieter Baumgartl Member of the
  • Supervisory Board
  • Standing Committee
  • Finance and Audit Committee
  • Nomination Committee
Fixed remuneration 30.0 15.0
    Variable remuneration 19.3 59.6
    Remuneration for committee work 23.0 19.9
    Attendance allowances 8.0 6.5
      80.3 101.0
Uwe Kramp3 Member of the Supervisory Board Fixed remuneration 30.0 10.0
    Variable remuneration 19.3 34.3
    Remuneration for committee work
    Attendance allowances 3.0 2.0
      52.3 46.3
Karl Heinz Midunsky Member (until 3 May 2011) of the
  • Supervisory Board
  • Nomination Committee
Fixed remuneration 10.3 10.0
    Variable remuneration 7.3 34.3
    Remuneration for committee work
    Attendance allowances 1.0 2.0
      18.6 46.3
Ass. jur. Otto Müller3 Member of the Supervisory Board Fixed remuneration 30.0 10.0
    Variable remuneration 19.3 34.3
    Remuneration for committee work
    Attendance allowances 3.0 2.0
      52.3 46.3
Dr. Andrea Pollak Member of the Supervisory Board (from 3 May 2011) Fixed remuneration 19.8
    Variable remuneration 12.0
    Remuneration for committee work
    Attendance allowances 2.0
    Reimbursement of expenses 5.9
      39.7
Dr. Immo Querner2 Member of the Supervisory Board Fixed remuneration 50.0 15.0
    Variable remuneration 55.4 59.6
    Remuneration for committee work 10.0
    Attendance allowances 5.5 3.5
      120.9 78.1
Dr. Erhard Schipporeit Member of the
  • Supervisory Board
  • Finance and Audit Committee (Independent financial expert)
Fixed remuneration 30.0 10.0
    Variable remuneration 19.3 34.3
    Remuneration for committee work 15.3 13.3
    Attendance allowances 6.0 4.0
      70.6 61.6
Gert Wächtler3 Member of the Supervisory Board Fixed remuneration 30.0 10.0
    Variable remuneration 19.3 34.3
    Remuneration for committee work
    Attendance allowances 3.0 2.0
      52.3 46.3
Total     888.6 777.8

The individualised presentation of the remuneration shows the expense charged to the financial year in question. Since the remuneration for a financial year becomes due at the end of the Annual General Meeting that ratifies the acts of the Supervisory Board for the financial year, the relevant reserve allocations are recognised allowing for any fractional amounts. Value-added tax payable upon the remuneration is reimbursed by the company.

In the year under review no payments or benefits were granted to members of the Supervisory Board in return for services provided individually outside the Committee work described above, including for example consulting or mediation services, with the exception of the remuneration paid to employee representatives on the basis of their employment contracts.

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